President Donald Trump is preparing an executive order that would direct federal agencies to pursue reclassifying marijuana from Schedule I to Schedule III, a major regulatory downgrade that stops short of legalization or decriminalization. 
According to people familiar with the discussions, the shift would reduce federal oversight of marijuana and its derivatives to a level comparable with some common prescription painkillers and other drugs.
Trump discussed the plan in a Wednesday phone call from the Oval Office with House Speaker Mike Johnson, according to the sources, with the reclassification push framed as an “upcoming” order rather than a finalized decision.
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Three of the people said marijuana industry executives were on the call, alongside Health Secretary Robert F. Kennedy Jr. and Centers for Medicare and Medicaid Services chief Mehmet Oz.
Johnson was skeptical, according to the people, and raised a list of reasons against reclassification supported by studies and data, setting up a rare intra-party policy argument on a drug issue that has bipartisan pockets of support.
Trump then turned the phone over to executives gathered around his desk, the people said, and they rebutted Johnson’s arguments before Trump ended the call appearing ready to proceed, while emphasizing plans were not finalized and he could still change his mind.
A White House official said no final decisions have been made on rescheduling, while other agencies routed questions back to the White House or declined immediate comment.
Marijuana is currently Schedule I, the same category as heroin and LSD, defined federally as having a high potential for abuse and no accepted medical use, while Schedule III drugs are recognized as having medical uses but still carry risks of physical or psychological dependence.
Under the contemplated approach, marijuana would join Schedule III alongside examples cited in the discussions such as Tylenol with codeine and certain steroid and hormone treatments, aligning cannabis with a controlled prescription regime rather than the most restrictive tier.
The order would also pick up a process that began under former President Joe Biden’s Justice Department, after federal health officials recommended Schedule III in 2023, but the proposal stalled after Trump took office.
Information for this briefing was found via Washington Post and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
